FAQ: Just what are NEFT and RTGS?

FAQ: Just what are NEFT and RTGS?

National Electronic Fund Transfer and Real Time Gross Settlement allow individuals, companies and firms to transfer funds from one bank to another.

You can check the RBI website for a list of NEFT and RTGS-enabled branches of your bank.

These facilities can only be used for transferring money within the country.

To opt for these, you need to fill a form providing your or the beneficiary's details -- name, bank branch where the account is held, the Indian Financial System Code, a unique code for identifying the branch, and the account number and type.

You have to submit a cheque while opting for this facility. You can also transfer funds through net banking.

These are third-party transfers and the option is available under the same header on your net banking home page.